Italy's second-largest insurer UnipolSai reported on Friday a year-on-year around 10% drop in net profits in 2022, weighed down by one-off costs for staff early exits and higher claims expenses due to inflationary pressures.

Consolidated net profit fell to 651 million euros ($698.2 million) last year from 723 million euros in 2021 when it had benefited from some one-off items.

UnipolSai's combined ratio - a measure of profitability for its property and casualty division, its biggest revenue earner - stood at 91%, improving from 92.5% a year earlier.

Readings below 100% indicate profitability.

UnipolSai said its board would propose a dividend of 16 euro cents per share on 2022 earnings, down from 19 euro cents for 2021. ($1 = 0.9324 euros) (Andrea Mandalà, editing Federico Maccioni)